It’s hard to avoid the conclusion that the market for artificial intelligence and its associated industries are over inflated. In 2025, just five hyperscalers—Alphabet, Meta, Microsoft, Amazon, and Oracle—accounted for a capital investment of $399 billion, which will rise to over $600 billion annually in coming years. For the first nine months of last year, real GDP growth rate in the U.S. was 2.1%, but would have been 1.5% without the contribution of AI investment.

This dependence is dangerous. A recent note by Deutsche Bank questioned whether this boon might in fact be a bubble, noting the historically unprecedented concentration of the industry, which now accounts for around 35% of total U.S. market capitalization, with the top 10 U.S. companies making up more than 20% of the global equity market value. For such an investment to yield no benefit would be a failure of unprecedented proportions.

In their

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